FRC investigates Thomas Cook collapse

FRC investigates Thomas Cook collapse

Following the high-profile collapse of Thomas Cook, the Financial Reporting Council (FRC) have launched an investigation into the audit of the company’s financial statements for the year ended 30 September 2018, conducted by EY.

In Thomas Cook’s 2018 annual report, EY concluded ‘that the use of the going concern basis of accounting is appropriate and concur[ed] with the directors that no significant uncertainty has been identified,’ supporting the directors’ conclusion that the company would be viable to continue trading for ‘at least twelve months from the date of approval of the financial statements’. Following this, Thomas Cook released their half year results for 2019 in May, highlighting uncertainties with

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